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How Much Home Can I Afford

HOW EXPENSIVE OF A HOUSE CAN I AFFORD? — BASIC FACTORS

When you are wondering “how much can I afford to spend on a house,” the bottom line is what size of home loan you can qualify to borrow. There are several variables from your personal financial history that will factor into the answer, including:

  • Your income
  • Your credit rating
  • Your existing debt
  • Your down payment

To those existing factors, you can add some variables of the housing market, and your own choices as you plan to assume a mortgage:

  • The mortgage term (fifteen years,thirty years, etc.)
  • The current interest rate
  • Private mortgage insurance (if your proposed down payment is an amount less than twenty percent   of the price)
  • The current real estate market where you live

Having a pre-approved loan also facilitates your ability to move quickly on a house when you do find the right one. Time can be of the essence—especially if you have competition for the purchase of the home you have your eye on. Very often, the buyer who first brings money to the table is the buyer who actually walks away with the title. With your loan pre-approved, you won’t have any hold ups in the process, because you won’t have to be waiting to hear back from the mortgage lender.

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